New Delhi: The Finance Ministry has asked to field formations to ensure that cases involving final refunds of over Rs 5 lakh do not remain outside the scope of scrutiny selection.
The official made it clear that there was no change in the scrutiny norms already laid out for the current fiscal. It was also highlighted that the latest instruction would not impact large number of tax assessees. The latest instruction does not relate to any particular category of assessees, but in general to refund cases where the eventual refund exceeds Rs 5 lakh. Already, as per the CBDT norms for the current fiscal, under selection of cases meant for scrutiny, all banks and public sector undertakings are liable for scrutiny. Also, all NSE-500 companies and BSE-A group companies listed as on March 31, 2007 are covered.
The official made it clear that there was no change in the scrutiny norms already laid out for the current fiscal. It was also highlighted that the latest instruction would not impact large number of tax assessees. The latest instruction does not relate to any particular category of assessees, but in general to refund cases where the eventual refund exceeds Rs 5 lakh. Already, as per the CBDT norms for the current fiscal, under selection of cases meant for scrutiny, all banks and public sector undertakings are liable for scrutiny. Also, all NSE-500 companies and BSE-A group companies listed as on March 31, 2007 are covered.
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